LLM 320

Multistate Taxation of California Business Entities

3 Unit(s)

Analyzes the tax treatment, tax problems and tax-planning techniques of corporations and flow through entities engaged in multistate activities. Emphasis is on California law and how it applies to businesses organized or doing business in the state. Topics include: Constitutional limitations on states’ ability to tax multistate corporations and flow through entities, new developments in California doing business standard, California tax treatment of S corporations, partnerships and LLCs, computation of income, business vs. nonbusiness income, formula apportionment, unitary taxation, combined reports, consolidated returns and water’s-edge elections. Case studies are used to illustrate concepts. Cross-listed with and equivalent to TA 320. (JD students seeking to enroll must obtain the approval of the program director.) Prerequisite: LLM 317A and LLM 330.